BOCY sells “non-core” ho­tel prop­er­ties in Greece for 9.6 mln

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The Bank of Cyprus an­nounced that it has sold three non-core as­sets in Greece in deals worth a to­tal EUR 9.6 mln. The ho­tels, two in Corfu and one in the ex­clu­sive Athens sub­urb of Gly­fada, were of­fered in open bid­ding and the rev­enue is well within the bank’s expectations, de­spite the dif­fi­cult sitaion of the Greek econ­omy and the property mar­ket.

Thus, the bank said, it con­tin­ues to re­duce its ex­po­sure to the Greek mar­ket and delever­ag­ing its bal­ance sheet, adding that the sale of as­sets in Greece con­tin­ues. As of Septem­ber 30, the bank had in its pos­ses­sion a to­tal of 637 fore­closed prop­er­ties in Greece with a book value of EUR 192 mln, ac­cord­ing to its fi­nan­cial state­ment.

Al­ready, the bank has ad­ver­tised the sale of two com­mer­cial prop­er­ties in the At­tica area, a 7,500 sq.m. in­dus­trial property and an­other one of 19,500 sq.m.

Back in Cyprus, it has posted sev­eral hous­ing and com­mer­cial prop­er­ties for sale on its web­site http://prop­er­ties­for­sale.bankof­cyprus.co m/en-GB/ , in­clud­ing three su­per­mar­kets pre­vi­ously owned by Or­phanides sub­sidiaries, a build­ing along Li­mas­sol’s cen­tral Makar­ios Ave. (EUR 5 mln), the for­mer Laiki-Grind­lays 8-floor build­ing on Makar­ios Av­enue in Ni­cosia (EUR 8 mln), a 7-floor build­ing on the cor­ner of Makar­ios and Aphrodite (EUR 11 mln), the for­mer Phi­liki/CNP In­sur­ance build­ing on Vyzan­tiou street in Ni­cosia EUR 3.5 mln) and var­i­ous other prop­er­ties, in­clud­ing plots.